Absaroka Publishes Open Letter For Shareholders And Investors (SHZ, CEU)

Absaroka Capital Management is publishing an open letter to shareholders and potential investors in China Shen Zhou Mining & Resources SHZ to set the record straight regarding Absaroka's Initiating Coverage Report. In the letter, Absaroka Equity Analyst Kevin Barnes said that Absaroka continues to stand resolutely behind the conclusions of the report and refuses to be "muzzled by thinly-veiled threats". He's referring to statements in an SHZ press release entitled "China Shen Zhou Mining Forms Special Committee", which indicated that SHZ retained "special council" in response to a "recent report questioning its public disclosures". SHZ also stated that reports it filed with the SEC are accurate, but in the open letter Absaroka published examples of material misstatements or errors. For example, when filing with the SEC, SHZ stated "All information included in these financial statements is the representation of the management of China Education Alliance." Absaroka responded with, “There is no legitimate explanation for the allegedly fraudulent management of China Education Alliance CEU to provide representation on SHZ's financials." Absaroka's open letter.